Golden Visa in Cyprus

• The revised Golden Visa program in Cyprus valid for 2024 is aimed at non-EU nationals interested in making significant investments in the Cypriot economy. 
• This initiative is designed for individuals seeking residency through investment, amidst tightened regulations and scrutiny to ensure compliance with EU standards and to safeguard against risks such as money laundering.
• The Golden Visa programme in Cyprus had previously been suspended as a result of evidence related to abuse of the programme emerging.
• The status of the Golden Visa programme does not affect other routes to obtaining the right to residency in Cyprus such as the residency visa for this with sufficient existing income or those who seek to reunite with family who are legally resident in Cyprus.

• Investment Minimum: The program traditionally required an investment of at least €300,000 in real estate or other approved investments. Given recent developments, investors must now also meet enhanced quality and financial criteria, subject to rigorous checks, including annual income of at least €50,000 plus €10,000 per dependant.
• Regulatory Compliance: Following EU Commission concerns, Cyprus is enhancing its due diligence processes. A special task force might be introduced to regularly review and ensure the integrity of investment activities.
• Residency Conditions: In light of critiques, there's a push towards ensuring genuine ties to Cyprus for residency applicants, with potential full program reassessment or strict application of existing laws to maintain program integrity.

• Detailed Screening: Guidance on the Cyprus government's stringent checks to ensure that investors meet the new, higher standards of investment and ethical conduct.
• Continuous Monitoring: Regular reviews of investors' adherence to the investment criteria, with the possibility of revoking residency permits for non-compliance.
• Legal Guidance: Providing comprehensive advice to navigate the evolving landscape of the Golden Visa program, ensuring full compliance with the updated regulations.

• Up-to-date Expertise: Our team remains at the forefront of legislative changes, offering expert advice tailored to the latest program criteria.
• Personalized Service: We offer customized solutions, understanding that each investor's circumstances and goals are unique.
• Commitment to Compliance: Ensuring your investment not only meets the financial thresholds but also aligns with the strengthened ethical and legal standards.

• Enhanced Due Diligence: Emphasis on thorough background checks to align with EU directives and safeguard Cyprus's reputation.
• Investor Confidence: By adhering to stricter controls, the program aims to maintain its appeal to genuine investors, enhancing trust and stability.
• Focus on Genuine Ties: Encouraging investments that foster real, meaningful connections with the Cypriot community and economy.

The shift towards stricter regulation and the potential for significant changes in the Golden Visa program reflects Cyprus's commitment to addressing EU concerns and ensuring the program's sustainability and integrity. Investors are advised to seek specialized legal counsel to navigate these changes effectively